1. Market research is the process of:-
a. writing advertising copy to reach the target market
b. gathering and evaluating data regarding consumers' preferences for products and services
c. both of the above
2. Is it important to be aware of current competing properties when formulating
a marketing plan for a property you have listed?
a. yes
b. no
c. only if the home is difficult to sell 3. Should marketing strategies address both owner-occupiers and investors?
a. yes
b. no
c. only sometimes
4. In reference to the marketing mix, the ?four P's' include a. product, place, price, position
b. place, product, price, promotion
c. price, promotion, position, place
5. When conducting a comparative market analysis, the property should be compared with similar properties sold within a :-
a. fifty-kilometre radius in the previous six weeks
b. five-kilometre radius in the previous six months
c. ten-kilometre radius in the previous 12 month
6. A residential home could fall into which of the following category or categories:-
a. prestigious home
b. average family home
c. low cost home
d. all of the above 7. Depending on the property and/or vendor, advertising costs spent to sell a residential property should be between:-
a. 0.5% to 1% of the value of the property
b. 1% to 1.5% of the value of the property
c. 1.5% to 1.75% of the value of the property
8. Signboards are very cost effective tools for advertising residential properties and are known in the industry as the:-
a. 8 hour a day silent salesperson
b. out of hours silent salesperson
c. 24 hour a day silent salesperson
9. Identify which of the following influence buyers of residential property:-
a. economy
b. job security
c. interest rate trends d. the future of the market
e. the suburb, area, street, type of property
f. what the property is worth to them
g. all of the above
h. a, b c and d only
10. For a marketing plan for a residential property, it is important to evaluate the number of: hits on the website
b. phone enquires
c. inspections
d. seriously interested parties
e. bidders or sensible offers
f. all of the above
11. A method for writing and designing successful advertisement campaigns is A.I.D.A. Which of the following represents A.I.D.A?:-
a. attribute, internet, description, advertise
b. attention, interest, desire, action
c. availability, influence, demand, attract
12. Any person involved in the marketing, promotion or sale of residential property must not engage in:-
a. unconscionable conduct
b. misleading conduct
c. making false representations d. all of the above
13. If an agent remained silent when there was a duty to disclose a fact, can that agent be prosecuted for an offence?:-
a. yes
b. no
14. When promoting properties for sale, which of the following statements may be considered misleading:-
a. "bidding expected to start from"
b. "buyers from $xxx should inspect"
c. "owner will entertain offers from $xxx"
d. all of the above
15. Under the Property Agents and Motor Dealers Regulations 2001 Code of Conduct, identify which Clause requires the agent to keep their client updated on the progress of a sale including market feedback from prospective buyers regarding the price:-
a. Clause 9
b. Clause 10
c. Clause 11
You are employed as a salesperson with a local agency. You have successfully listed a property and now need to write a marketing plan to be presented to the vendor for approval. You are required to write the marketing plan using information supplied in the learning material. Alternatively you may research your own information or for those students currently employed in the real estate industry, you may use your agencies marketing strategies.
For the purpose of the project, please select a fictitious property or use your own.
The marketing plan should include:-
1. Information on the property
1. Address
2. Description
The breadth and quality of a marketing campaign is what notifies and attracts buyers.
You are required to design 3 different promotional packages containing high-level marketing, medium level marketing and budget marketing for residential properties for sale. Each package is to be priced accordingly.These packages are to be tailored to suit the 3 different types of properties for sale outlined below. The vendors have adequate funds available to suit the type of property. Where possible, use the internet and information provided in the learner resources to cost the items below.